• 2017 February 17 12:30

    Port Authority of New York & New Jersey approves largest ever $32.2 billion 10-Year Capital Plan

    The Port Authority Board of Commissioners approved the agency’s largest ever $32.2 billion 2017-2026 Capital Plan, which reflects the agency’s continuing return to its core transportation mission and is expected to generate 235,400 job years and $56 billion in overall economic activity for the region, Port Authority of New York & New Jersey said in its press release.

    The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.

    At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones. Funds are included to complete the $1.5 billion Goethals Bridge Replacement, being done through the first true surface transportation PPP in the Northeast. It also provides funding to complete the rebuilding of the Bayonne Bridge, a $1.6 billion project that will effectively provide a brand new bridge for travelers and remove an existing navigational impediment to allow modern ships to pass underneath it and keep the ports competitive. The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.

    The Capital Plan also includes funding to rebuild some of PATH’s aging rail stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.

    To further address the region’s critical trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.

    The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The plan’s multi-billion investment is expected to result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.

    The approval followed a month-long public comment period – including two first-ever public meetings in each state that were attended by commissioners and agency leadership. Prior to the Board’s vote to move the proposed plan forward on January 5 for public comment, there was robust debate and discussion by Board members over how to parcel out limited resources to the agency’s growing list of capital investment needs.

    Since the Board’s January 5 meeting, the agency received 429 comments on its plan from 365 individuals. Fifty-five speakers attended the public meetings in both states to comment on specific items in the document and 9 people Tweeted comments about it. An additional 327 comments were emailed and 12 comments were received by mail. The Board of Commissioners received periodic summaries of the public comments prior to today’s Board meeting.

    The 10-year plan approved today includes $29.5 billion in direct spending on Port Authority projects and the $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.

    The plan outlines specific funding commitments for major capital projects the agency will invest in over the next 10 years. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous “gates” review process before they proceed that look at agency revenue and the ability to finance them.




2017 July 27

17:32 DryShips announces appointment of two new directors
17:28 Pella Shipyard launches tugboat RB-369 of Project 16609 built for RF Navy
16:56 Sea port of Saint-Petersburg has increased expenses for the social programme
16:34 The Port of Gdansk Authority participates in a debate on the Silk Road
16:11 Topaz Energy and Marine Limited closes US$375 million Senior Notes
15:47 PKP CARGO and the Port of Gdansk at the next stage of implementation of the Three Seas Initiative
15:23 DAMEN supports conference “LNG Fleet and LNG Bunkering in Russia” as its Sponsor
15:01 Teekay and Brookfield announce strategic partnership
14:50 Materials for “PortNews. Port Service.” journal can be contributed by 4 August 2017
14:31 Northwest Seaport Alliance year-to-date container volumes up 7 percent
14:05 Ireland's marine economy outperforms general economy
13:48 Volgogradneftemash JSC shipped large-size equipment for TAIF-NK (photo)
13:31 Matson announces new U.S. Flag Marshall Islands service
13:05 The typhoon season begins in Japan
12:49 Trest Godromontazh JSC will reconstruct hydraulic engineering structures of Vogograd river port for RUB 206.6 mln (photo)
12:30 Diana Shipping reports financial results for six months ended June 30, 2017
12:12 Bunker prices are flat at the Far East ports of Russia (graph)
12:00 ABS joins industry partners to advance autonomous shipping
11:30 Port of NY & NJ reports cargo volumes for H1 2017
11:00 Philly Shipyard delivers third product tanker to Kinder Morgan
10:35 U.S. Defense Department confirms award to Crowley of $2.3 billion transportation contract
10:22 Gazpromneft-Lubricants sold 7,400 t of marine lube oils in HI’17, up 7.5% YoY (photo)
10:01 Brent Crude futures price down 0.12% to $50.21, Light Sweet Crude – down 0.16% to $48.67
09:39 Port of Antwerp International invests in Brazilian Port of Açu
09:18 Baltic Dry Index down to 968 points

2017 July 26

18:06 Norwegian Maritime Authority laid down amendments to the Regulations on environmental safety1 and the Regulations on port State control2
17:36 Simon Stevin arrives in Norway to load 32,000 tonnes of rock for the Borkum Riffgrund 2 offshore wind farm
17:06 Campbell Shipping appoints ISS for global husbandry representation services contract
16:53 NCSP wins anti-monopoly case in court
16:47 Hampton RoadsTransit сhristens BMT-designed ferry
16:29 SPb Governor and representatives of Passenger Port of Saint-Petersburg visit Turku
16:00 Port of Antwerp supports pilot project for secure, efficient release of containers
15:34 Okskaya Shipyard launches multi-purpose diving catamaran of Project SDS18, Igor Ilyin (photo)
15:02 ABS classes U.S.-built Liquefied Gas Barge
14:47 PETRONAS and partners will not proceed with Pacific NorthWest LNG project
14:22 Dr Wolfgang Hönemann represents Rotterdam port in North Rhine Westphalia
13:55 PETRONAS delivers first LNG cargo to Thailand
13:32 European Commission publishes Mobility Package for Transport
13:02 Georgia Ports Authority of USA ordered more STS cranes from Konecranes
12:53 Ukraine to close Ilyichevsk Ship Repair Plant and Museum of Ukrainian Navy
12:30 Samskip makes major Norwegian acquisition with Nor Lines takeover
12:01 Cnsortium of Bolloré Transport & Logistics, CMA CGM and CHEC sign the concession agreement for the Containers Terminal of the new Port of Kribi (Cameroon)
11:59 OCIMF and ReCAAP step up counterpiracy cooperation
11:51 Maersk Line launches Remote Container Management for customers
11:20 Wärtsilä scrubber systems to clean the exhaust from two new Japanese bulk carriers
10:40 Indicative bunker prices go up at the port of Saint-Petersburg, Russia (graph)
10:03 Brent Crude futures price up 0.72% to $50.56, Light Sweet Crude – up 0.94% to $48.34
09:37 Baltic Dry Index up to 980 points
09:18 Rosmorport appoints Yegor Shelukhin as Deputy Director for Security of Arkhangelsk Branch (photo)

2017 July 25

18:00 Krasnoye Sormovo delivers two chemical tankers of Project RST27 to shipping company Volgotrans (photo)
17:05 Western Marine delivers 176 TEU inland container vessel to Invicta Limited
16:33 Cruise ship Pacific Princess made her inaugural call to Passenger Port of Saint Petersburg
16:05 Wagenborg to repair Oostersluisbrug Groningen
15:44 Kaliningrad seaport boundaries changed
15:39 W&T Offshore contracts the Enterprise Offshore 264 jackup rig to drill the ST 224 gas condensate prospect
15:16 COSCO (Guangdong) Shipyard announces delivery of vessel
15:12 Ferryboat Petersburg returns to Ust-Luga – Baltijsk line (photo)
14:48 Commercial Sea Port of Taganrog invested RUB 114.9 mln in port infrastructure development in HI’17
14:27 380-tonne cargo unit handled by Multipurpose Terminal YUG-2 at the port of Ust-Luga (photo)
14:00 AquaStroy to invest RUB 493 mln in construction of yacht port Aquamarine in Vladivostok